Applied Genetic Technologies (AGTC) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Applied Genetic Technologies (NASDAQ:AGTC) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

According to Zacks, “Applied Genetic Technologies Corporation is a clinical-stage biotechnology company. It develops gene therapy products for inherited orphan ophthalmology diseases. Its lead product candidates in the preclinical stage include treatments for X-linked retinoschisis, Achromatopsia, and X-linked retinitis pigmentosa, which are diseases of the eye caused by mutations in single genes. Applied Genetic Technologies Corporation is headquartered in Alachua, Florida. “

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus cut their price target on Applied Genetic Technologies from $15.00 to $12.00 and set a buy rating for the company in a research note on Thursday, September 14th. HC Wainwright reiterated a buy rating and set a $8.00 price target (down previously from $16.00) on shares of Applied Genetic Technologies in a research note on Thursday, September 14th. Cantor Fitzgerald set a $9.00 price target on Applied Genetic Technologies and gave the company a hold rating in a research note on Friday, October 6th. Wedbush reiterated an outperform rating and set a $9.00 price target on shares of Applied Genetic Technologies in a research note on Wednesday, November 8th. Finally, BMO Capital Markets reiterated an outperform rating and set a $7.00 price target (down previously from $14.00) on shares of Applied Genetic Technologies in a research note on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $10.17.

Applied Genetic Technologies (NASDAQ AGTC) remained flat at $$4.30 during mid-day trading on Tuesday. 36,500 shares of the stock were exchanged, compared to its average volume of 126,800. The firm has a market cap of $77.80, a price-to-earnings ratio of -16.54 and a beta of 1.61. Applied Genetic Technologies has a 52 week low of $3.25 and a 52 week high of $9.60.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nine Chapters Capital Management LLC purchased a new position in shares of Applied Genetic Technologies in the 3rd quarter worth approximately $113,000. Citadel Advisors LLC boosted its stake in shares of Applied Genetic Technologies by 304.6% in the 3rd quarter. Citadel Advisors LLC now owns 41,270 shares of the biotechnology company’s stock worth $163,000 after buying an additional 31,070 shares during the last quarter. Virtu KCG Holdings LLC purchased a new position in shares of Applied Genetic Technologies in the 2nd quarter worth approximately $178,000. ClariVest Asset Management LLC boosted its stake in shares of Applied Genetic Technologies by 18.5% in the 3rd quarter. ClariVest Asset Management LLC now owns 99,013 shares of the biotechnology company’s stock worth $391,000 after buying an additional 15,491 shares during the last quarter. Finally, Ativo Capital Management LLC purchased a new position in shares of Applied Genetic Technologies in the 2nd quarter worth approximately $439,000. Hedge funds and other institutional investors own 46.83% of the company’s stock.

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Applied Genetic Technologies Company Profile

Applied Genetic Technologies Corporation is a clinical-stage biotechnology company. The Company develops gene therapy products designed to manage the lives of patients with severe diseases in ophthalmology. As of March 31, 2016, its product candidates included treatments for X-linked retinoschisis (XLRS), over two forms of achromatopsia (ACHM) and X-linked retinitis pigmentosa (XLRP).

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